Get started with a free consultation from a skilled California mortgage broker who not only handles standard conforming loans but also offers solutions for more complex, non-conventional scenarios.
Special circumstances, such as owning rental properties, can allow you to qualify for investment loans using the rental income instead of your personal income. You can also qualify for a home purchase using only bank statements. Additionally, secure an investment loan based solely on the value of the property. If you're over 62, you can qualify for a reverse mortgage, allowing you to purchase a home with 50-60% down and eliminate mortgage payments for life.
You could also qualify for a reverse mortgage, take out enough money to pay off your current loan, and even build an accessory dwelling unit (ADU) to rent out. Imagine not only being free from mortgage payments but also earning rental income from your ADU—how would that improve your lifestyle?
Whether you’re buying a home or refinancing, get expert guidance to secure the best rates and preapproval—setting you up for a smooth and confident home-buying journey.
Current Rates: A Snapshot
Currently, the average 30-year fixed mortgage rate in California is just under 6%. This decline from recent months makes it a favorable time to secure financing at lower costs compared to earlier in the year. Even minor variations in rates can open up significant savings opportunities.
What to Expect This Month
Rates may fluctuate between 5.9% and 6.3% throughout October, influenced by factors like Federal Reserve actions and inflation trends. For those ready to buy, acting now could lock in a favorable rate and save thousands over the life of a mortgage.
Opportunities for First-Time Buyers
First-time buyers can benefit from this environment, especially with state programs that offer down payment assistance, making homeownership more affordable. Locking in today’s rates can help secure predictable and manageable monthly payments.
Is It Time for Homeowners to Refinance?
Homeowners with higher existing mortgage rates might find that refinancing now could lower their payments and reduce interest costs significantly. Even a small decrease in rates can translate into substantial savings over the term of a 30-year loan.
Factors Influencing Mortgage Rates
Rates fluctuate based on economic conditions such as inflation, employment data, and Federal Reserve policies. With predictions showing potential stabilization or slight declines, staying informed is key for both buyers and homeowners.
Advice for Entering the Market
Whether buying or refinancing, being proactive and informed is essential. Mortgage rates may appear minor, but they significantly impact overall loan costs. Consulting with a professional and exploring loan programs now can help you secure the best possible deal.
With California’s mortgage market offering promising conditions this October, now is a great time to explore your options. Take advantage of favorable rates and set the foundation for your financial future through a well-timed home purchase or refinance.
Date Posted: 10/15/2024 by Alexander Pfleger
